Cyprus betting market revenue rises 12% to €360.1m in first quarter

Nicosia, Cyprus. Cyprus’ betting market recorded total gross revenue of €360.1 million in the first quarter of 2026, up 12% from €320.9 million a year earlier, according to the National Betting Authority (NBA). Online betting remained the main driver of activity between January and March.

Revenue and payouts

Class B online operators generated €273 million in gross revenue, while Class A land-based operators accounted for €87.1 million.

Class A revenue fell 1% compared with the first quarter of 2025, but was 3% higher than in the same period of 2024. Class B revenue increased 17% year-on-year and 15% from the first quarter of 2024.

Player payouts across both categories reached €314.2 million, an increase of 12% from the corresponding quarter of 2025. Online players received €243.3 million of total payouts.

Betting earnings

Overall betting earnings, representing the difference between amounts wagered and player payouts, totalled €45.9 million in the first quarter, up 11% from €41.5 million in the same period of 2025.

Class A earnings declined 4% to €16.2 million, while Class B earnings rose 21% to €29.7 million.

Licensed premises and employment

The number of licensed Class A premises increased 1% year-on-year to 459. Nicosia had 164 premises, followed by Limassol with 132, Larnaca with 81, Paphos with 46 and Famagusta with 36.

Employment at licensed betting shops rose 10% to 1,529 staff. The NBA said licence cancellations and withdrawals increased 125% compared with the first quarter of 2025.

The number of operators was unchanged, with six Class A operators and 13 Class B operators active in the market.

Unlicensed activity

The authority said it continued efforts to clamp down on unlicensed betting activity.